[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
91_HB1046
LRB9105197NTks
1 AN ACT to amend the School Code by changing Section
2 10-22.44.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The School Code is amended by changing
6 Section 10-22.44 as follows:
7 (105 ILCS 5/10-22.44) (from Ch. 122, par. 10-22.44)
8 Sec. 10-22.44. Transfer interest. To transfer the
9 interest earned from any moneys of the district in the
10 respective fund of the district that is most in need of such
11 interest income, as determined by the board. This Section
12 does not apply to any interest earned which has been
13 earmarked or restricted by the board for a designated
14 purpose. This Section does not apply to any interest earned
15 on any funds for purposes of Illinois Municipal Retirement
16 under the Pension Code, Tort Immunity under the Local
17 Governmental and Governmental Employees Tort Immunity Act,
18 Fire Prevention, Safety, Energy Conservation and School
19 Security Purposes under Section 17-2.11, and Capital
20 Improvements under Section 17-2.3. Interest earned on these
21 exempted funds shall be used only for the purposes authorized
22 for the respective exempted funds from which the interest
23 earnings were derived.
24 (Source: P.A. 87-984.)